Last week, nickel ore prices slightly declined, though price support at the bottom remained firm. In Indonesia, the benchmark price for the second half of April is expected to decrease slightly, and with premiums remaining flat, the overall nickel ore price may edge down. However, with tax-related policy changes coming into effect, production costs are expected to rise, limiting the extent of any price drop. In the Philippines, nickel ore from the Surigao region for April has been primarily sold out, but ongoing rainfall has slowed shipping efficiency. Meanwhile, expectations of a more relaxed nickel ore supply in China have yet to materialize, which continues to support prices.In the refined nickel market, despite an ongoing supply surplus, prices have rebounded due to rising cost-side pressure and previously undervalued pricing. As a result of nickel price fluctuations, spot market activity picked up significantly last week.